Proof of funds

[sazzle27]

Hello!

First time buyer, with DP who has done this all before..
We have had an offer accepted and now I need to provide proof of funds; DP has never had to do this before so has no idea what I need to give other than perhaps statements!

Which makes sense to me, however after a google I want to make sure I give enough information first off so we don't have to do any back and forwards with requests for earlier statements..

My deposit is split across a couple of savings accounts/different banks to take advantage of good %interest and to safeguard it against one bank going under etc etc.

How many months of statements is it best to provide?
One saver wont actually give me a statement with my information on but I got a letter from the bank to confirm acct total and date and address etc to give the financial advisor when initially processing paperwork.
Obviously that paperwork required 3 months of statements but I saw on google someone mention 6 months of statements?

Help!
Please!

In the UK if that helps..

They check youvhave a deposit and it’s in your name
They also want to check you can afford the morgage so cannorove you save or have regular rent payments taken out the bank plus bills - no extra large car or loan payments etc

But ask!! Ask how they want it

I'm unable to ask them unfortunately as I'm on my first of three night shifts, and DP is on day shifts.. I wont actually see him until Friday evening..

i believe it is all to be uploaded online through a portal as well, as opposed to having an address I could email..

Not trying to be difficult! Just awful timing work wise, as obviously we want it all done and sorted as soon as possible rather than leaving it until next week!

We sent in bank statements proving the deposits funds were there, and a copy of the mortgage decision I'm principle from the (different) bank we were getting the mortgage through. As far as I can remember that was it

Oh, and proof of earnings in the form of a P60 and payslips for us both

It's three months worth of pay slips the mortgage company want to see. If they need to see more they will say. They don't really care about the deposit as they only want to know that you can repay the amount borrowed.

(I only did this a few weeks ago)

A lender can ask for whatever they want..some lenders may be more cautious and would want the works - 3 months bank statements, 3 months payslips, proof of if, proof of address, proof of deposit..others might not want anything. I guess it all depends on their risk appetite and any automated checks their system can do which could be verifying your address or your income.

Okay so I've reread my post and I think i missed some info out of my OP.. 🤦🏼‍♀️🤦🏼‍♀️

I've submitted 3 months' of payslips and account statements to my financial advisor, who has input it/submit it regarding a mortgage as I've had an email saying my/our mortgage application has been received..

I can only assume that this is the estate agent asking for proof of funds regarding a deposit to check we are real and not messing them around?

Do I just need to resubmit the 3 months of everything?
Or is this a different sort of check being done where they'll need different/more information

It is probably your solicitor needing proof of deposit to comply with anti money laundering regulations. Copying and pasting the information my solicitor asked for:

In relation to the deposit monies, please could you provide me with a bank statement showing the funds in your account together with an explanation on how these funds have been acquired. For example, through savings, inheritance, previous house sale, etc.

If you have acquired the funds through savings, please could you provide me with six months bank statements of both your current and savings account. If you have acquired the funds through a house sale/inheritance, etc, please could you provide documentary evidence.

Thanks dump, I'll sort something for that out. I want to preempt getting it wrong and that sounds ideal!

We got our mortgage broker to call them and confirm funds and mortgage in place, and sent them a copy of the AIP and bank statement for the account the deposit was in - the EA wanted an awful lot of other information that was completely irrelevant (payslips etc) and insisted that we booked in to meet with their in house mortgage broker. We argued with them as we already had a mortgage agreed so it was a big waste of our time!

I think estate agents do this to make sure you are not time wasters.
We were asked but I never got around to it, I think I was lucky!

If it’s your estate agent they just want one statement proving you have the funds.or more than one if spread across different accounts. They’re not looking for pay slips or anything.

Fab thank you! 👍🏻👍🏻

For the estate agent, DS who did this just a couple of months ago, just gave them a photocopy of the balance online showing his name.

For the solicitor he had to provide statements showing all the regular deposits to his two savings accounts. As he hadn’t retained them, the BS sent him copies but they took about a week.

Our mortgage application got held up in money laundering for a while (NatWest are inefficient and couldn’t tell me what the hold up was ). We had to send a copy of the memorandum of sale to prove that we had the deposit in the form of equity. For my savings account I sent the annual statement and downloaded a current summary.

Thanks guys - I'm hoping what I've sent will be enough, although reading here there are some further options if not!